The job of network anchor may, after years of struggle, bring nationwide
fame and fortune. But there are now literally hundreds of men and women
who, sometimes with the flimsiest of credentials, are making big names
and big money anchoring local news programs. That ostensibly
undemanding vocation is fast becoming the most financially rewarding
job in journalism.

Dozens of local anchors are making more than $100,000 a year, and at
least 16 make $200,000 or more (see box). Of course,...